Saturday, July 4, 2015

How money is created

How money is created:
“Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.”
Source: http://goo.gl/n2MrQI

So then, if the bank is private, the new money is privately owned; if the bank were public, the money would be publicly owned. Question: Why do we have private banks instead of public banks? And why don't any...any... of the prominent present day economists discuss it? I'm looking at you Mr. Krugman.

An extremely valuable article to read:

http://www.commondreams.org/views/2015/07/04/revolutionary-pope-calls-rethinking-outdated-criteria-rule-world


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